COVID-19 Implications On GST

COVID-19 is having a serious impact on New Zealand businesses in many ways. These include potential GST implications if supplies have been cancelled or there is a change in the use of an asset. GST On Cancelled Supplies If GST is returned on a supply that is subsequently cancelled, a GST adjustment will be required

2020-05-14T09:49:32+12:00May 14th, 2020|COVID-19, Tax|

Changes In myIR For Employers

IRD have made a number of employment information changes in myIR for employers. myIR Account Changes Employer accounts have been combined into a single Employer Activities (Payroll) account. All deductions will be made in that account, making it easier to track transactions and payments. New Payment Code A new payment code “EMP” has been introduced

2020-05-12T16:44:25+12:00May 12th, 2020|Tax|

Common GST Mistakes

Many of our clients prepare and file their GST returns and payments for their small businesses. As is the case with all taxes, it’s important to calculate your GST correctly - getting it wrong can prove to be an expensive exercise! Here we share some GST mistakes we commonly come across: Not registering for GST

2020-02-26T09:21:30+12:00February 26th, 2020|Tax|

Taxing Matters: February 2020

A summary of the latest tax news and business updates. From 1st March the IRD will no longer accept cheques. This applies to cheques dated on or after 1st March 2020. Payments will need to be made online, either through your bank or myIR, or via automatic payment, or in person at a Westpac branch

2020-02-24T13:35:41+12:00February 24th, 2020|Tax|

Taxing Matters: December 2019

A summary of the latest tax and business changes, updates and news. There is good news for New Zealand children and caregivers who are owed child support from parents living overseas. It has been announced that New Zealand will participate in the Hague Convention relating to the international recovery of child support payments. The Hague

2019-12-09T13:26:26+12:00December 9th, 2019|Tax|

The Future Of IRD Investigations

UHY Haines Norton’s Head of Tax, Jim Martin, recently attended the Chartered Accountants Australia and New Zealand (CAANZ) Tax Conference. Here he shares information from a session he attended on the Future of IRD Investigations, and the potential implications for New Zealand taxpayers. The Australian Taxation Office (ATO) have been using powerful data analytics software

2019-12-09T12:42:47+12:00December 9th, 2019|Tax|

GST To Be Charged By Overseas Suppliers

As mentioned in our Taxing Matters: August 2019 article, new GST rules for low-value imported goods have come into effect from 1st December 2019. From 1st December 2019 onwards, overseas suppliers of goods are required to charge GST on their supplies to New Zealand customers. These rules apply where the value of the goods (excluding

2019-12-02T11:40:37+12:00December 2nd, 2019|Tax|

Taxing Matters October 2019

Taxing Matters October 2019 is a summary of the latest tax and business changes, updates and news. The Ministry of Foreign Affairs and Trade provides assistance and resources for businesses who are looking to do business with other countries. One of their useful resources is a tariff-finder tool, which allows you to compare and assess

2019-10-21T11:23:19+12:00October 21st, 2019|Tax|

No More Cheques For IRD

From 1st March 2020 the IRD will no longer accept cheques. Although payment by cheque is becoming less and less frequent, there are still customers who make payments by cheque who will need to switch to another payment method by that date. The IRD has several alternative payment options to choose from: Direct debit and

2019-10-21T10:41:52+12:00October 21st, 2019|Tax|

Resident Withholding Tax

We explain what resident withholding tax is, who it applies to, rates and rules for making payments. What Is Resident Withholding Tax? Resident withholding tax (RWT) is: The initial tax you pay on interest and dividends you earn from your New Zealand bank accounts and investments; Whereas the initial tax you pay on income from

2019-09-30T11:04:24+12:00September 30th, 2019|Tax|